Qd=65,000-10,000 (P)
Qs= -35,000 + 15,000 (p)
What is the equilibrium price?
set Qs equal to Qd
65000-10000P=-35000+15000P
25000P=100000
P=4
qs-5000-15000-2(7500)+15000p
To find the equilibrium price, we need to set the quantity demanded (Qd) equal to the quantity supplied (Qs) and solve for the price (P). Let's start by equating the two equations for Qd and Qs:
Qd = Qs
65,000 - 10,000P = -35,000 + 15,000P
Now, let's solve for P. We will combine the P terms and move the constants to one side:
10,000P + 15,000P = 65,000 + 35,000
25,000P = 100,000
Next, divide both sides by 25,000 to isolate P:
P = 100,000 / 25,000
P = 4
Therefore, the equilibrium price is 4.